First Citizens Bank & Trust Co. Grows Stake in Cabot Corporation $CBT

Key Points

• First Citizens Bank & Trust Co. increased its stake in Cabot Corporation by 144.4% during the second quarter, holding 14,352 shares worth approximately $1.08 million.
• Cabot Corporation's CEO, Sean D. Keohane, sold 114,436 shares at an average price of $79.28, resulting in a 24.04% decrease in his ownership.
• Cabot reported an EPS of $1.90 for the last quarter, exceeding expectations, and set its FY 2025 guidance between $7.150 and $7.500 EPS.

First Citizens Bank & Trust Co. lifted its position in Cabot Corporation (NYSE:CBT - Free Report) by 144.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,352 shares of the specialty chemicals company's stock after buying an additional 8,479 shares during the period. First Citizens Bank & Trust Co.'s holdings in Cabot were worth $1,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Cabot in the 2nd quarter worth $148,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Cabot in the 2nd quarter worth $1,373,000. Allianz Asset Management GmbH boosted its stake in shares of Cabot by 317.7% in the 2nd quarter. Allianz Asset Management GmbH now owns 63,195 shares of the specialty chemicals company's stock worth $4,740,000 after buying an additional 48,064 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Cabot by 215.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,678 shares of the specialty chemicals company's stock worth $1,026,000 after purchasing an additional 9,346 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in Cabot in the 2nd quarter worth $436,000. 93.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cabot news, CEO Sean D. Keohane sold 114,436 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $79.28, for a total transaction of $9,072,486.08. Following the sale, the chief executive officer directly owned 361,518 shares of the company's stock, valued at $28,661,147.04. This trade represents a 24.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.03% of the stock is currently owned by corporate insiders.

Cabot Price Performance

NYSE:CBT opened at $71.31 on Friday. The company has a quick ratio of 1.41, a current ratio of 2.13 and a debt-to-equity ratio of 0.66. The business's 50-day simple moving average is $76.52 and its two-hundred day simple moving average is $76.47. The stock has a market cap of $3.79 billion, a PE ratio of 9.32 and a beta of 0.88. Cabot Corporation has a 52 week low of $66.50 and a 52 week high of $117.46.

Cabot (NYSE:CBT - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The specialty chemicals company reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. The business had revenue of $923.00 million for the quarter, compared to analysts' expectations of $957.29 million. Cabot had a return on equity of 25.68% and a net margin of 11.14%. Cabot has set its FY 2025 guidance at 7.150-7.500 EPS. As a group, analysts forecast that Cabot Corporation will post 7.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CBT shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cabot in a report on Friday. Mizuho decreased their target price on Cabot from $90.00 to $88.00 and set an "outperform" rating on the stock in a report on Friday, October 3rd. Finally, UBS Group set a $82.00 target price on Cabot and gave the stock a "neutral" rating in a report on Tuesday, August 5th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $85.00.

Cabot Company Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company operates through two segments, Reinforcement Materials and Performance Chemicals. It offers reinforcing carbons that are used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and engineered elastomer composites solutions.

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